Book traversal links for Article (82): Non-Compliance with the Provisions of Islamic Shari’ah
Article (82): Non-Compliance with the Provisions of Islamic Shari’ah
Fed Law 14/2018 Issued on 1/10/2018Where it is established that a financial institution, which conducts on all or part of its business and activities in accordance with the provisions of Islamic Shari’ah, has conducted business that is not compliant with such provisions, as per fatawa and opinions of the Internal Shari’ah Supervisory Committee, and the fatawa and opinions of the Higher Shari’ah Authority, the Central Bank shall inform the concerned institution accordingly, after consulting with the Higher Shari’ah Authority, and shall ask the institution to reconcile its position, under the supervision of the Internal Shari’ah Supervisory Committee, within thirty (30) working days from date of notification. The Central Bank shall take the appropriate corrective measures and corrective actions in case the concerned institution’s inability to reconcile its position.